New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-03-14
MONEY IND BUSINESS

MONEY dND BUSINESS
Thc state of things last week could hardly
have been more calculated 10 dcprcss prices OF
securities if it had been devised expressly for
that purpose. Great expectations blossomm.
ms usual. In cxtravagant purchases. and then tho
basty unloading naturally prompted by disap-
pointment or hope deferred put down some
stocks about 10 per cent So Western Union
was lifted by reports Of favorable statement.
and therefore the more depressed when the
statement was judged not favorable. The I'M
loading in some Southern stocks seemed TO in
dictate that n large speculative operation might
have been devised for that particular purpose.
Money continued TO 60 out Of the banks. and
signs of OVERRIDING appeared In some branches
Of business. But with all this the average
price Of active stocks closed on Saturday but
an eighth of dollar per share lower than on
the Saturday preceding. Brcadstulfs oil and
metals were generally weak Gotten advanced,
though rcacting toward the close and pro-
visions met with n sharp decline after an un-
usually sharp advance.
The Treasury still takes in money. bonds de-
posted for circulation having diminished
1857, 900 during the week and IL took In
5000 900 moro gold than it paid ont. while
losing about $1,000 900 silver and holding its
own as TO legal tenders. @Thc Financial Chron-
icle' has reports from banks which show that
ST. OG3 900 gold and 100000 currency was
sent TO the interior. These facts make it alb
surd TO imagine that the banks loss or
81 375. 900 cash was caused 10y blocking mp"
Of money. If any strong operator had such an
intention he would have been able TO lock up
considerably more. There are individuals who
could take out Of the stock market moro than
the entire present surplus OF tho banks, IL 1t
would suit their purpose and therefore last
weeks small shrinkage OF reserve need not be
attributed to them, nor to any artificial inllu-
cnce. when the Treasury operations and the
movement to the interior fully account for it.
No money comes into the Street TO spcak Of
through recent bond calls and there Is now talk
Of purchases by the Treasury, either Of four and
half per cents now costing 100. or Of fours
costing 1913. or Of Pacific Railroad SKIES cost
ing from 12G 10 1886 1t is even seriously
urged that under the resolution passed by Con-
gross the President may think IL necessary TO
protect the United States lien by buying the
mortgage bonds which would be good thing
for tho bondholdcrs.
Exports were large last week, and have now
for two weeks exceeded those OF corresponding
weeks last year 10y about 81 per cent, while the
increase In imports since March has been
about IS per cent In February the outward
movement was interrupted by the strike and
shipments Of wheat from California also dc
clined. The preliminary statements for Feb
ruary compare with last year thus:
1887 1886
Breadsturs .ssl,446 sIO1O5.I57
Cotton.....-............... 1S.74i.2i6 1921. 6sI
Petroleum ...-.-..----.....-. 2,i0O1s2 3.259AG1
Total three Glasses. ..... sa3o25.s7 s3o66o. 900
The usual increase in exports OF provisions
would make the gain 81. 100000 or more. but
the minor exports did not increase al all in
January. Last year imports exceeded exports
in February by $1,7Sl .425 and merchandise
imports at New-York wcro in February S42-
569,717 this year, against $40 81, 507 last
year, so that some excess OF imports is TO he
expected. Large shipments Of wheat help to
al Just foreign balances, but cotton exports
usually decline about this time, ard last week
were % per cent bclow those Of the same
week last year.
The report of furnaces in blast March 1 OK
hibits another surprising increase, taking tho
figures of "The Iron Age" which differ ma
tcrally from those cOnpcd by Dir. Weeks Mt
Pit,sburg. Thc output weekly ia at all events
mach greater than in any previous year, and
the following shows an increase OF Is per cent
within the last five months
Anthra- Bltum- Char Toto,
cite. nous coal A'''-
March 1. tons 43,72a 70,Gs2 1910 1910
February 1, tons 4I95i 79.257 9,649 l30.s57
January 1, tons .1O.736 1878 I0,701 125.232
October l, tons 35sl9 7O.sO2 1922 1853
This account would make the actual produc-
ton for January and February OG3 900 tons.
| Though some weakness appears in the iron
Market there IA much confidence that swelling
consumption this spring will take 81 that the
furnaces supply. but this possibly depends on
tho construction Of tho Interstate Commerce
bill.
Railroad earnings probably did not increase
quito as much as expenses in February with
o per cent more mileage operated, 1Ol roads
reported per cent moro gross earnings than